OCBC third-quarter net profit up 3% on-year, above forecasts
The bank said Great Eastern saw mark-to-market losses in its bond portfolio in the third quarter, while significant gains from equities made in the second quarter were not repeated.
Overseas Chinese Banking Corp (OCBC) reported a 3% increase in net profit for the quarter ended September, surpassing analyst forecasts. The Singapore bank, the second-largest in the country, disclosed a third-quarter net profit of S$2.04 billion (US$1.6 billion), slightly higher than the expected S$2.01 billion. Despite a 10% decline in trading and insurance income, primarily driven by weaker investment performance at its insurance arm, Great Eastern Holdings, OCBC's overall performance was bolstered by a 4% rise in net interest income and a notable 29% increase in customer flow trading income.
However, the bank's wealth management income saw a 25% drop year-on-year due to poorer investment returns at Great Eastern. The bank's outlook was adjusted, with projections of low double-digit loan growth and flat or slight decline in net interest income.
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Also reported by 3 other outlets
- OCBC third-quarter net profit up 3% on-year, above forecasts channelnewsasia.com
- OCBC Q3 profit rises 3% to S$2.04 billion, slightly above expectations businesstimes.com.sg
- OCBC Q3 profit rises 3% as expected on lending strength investing.com
